# Age Decomposition: Old vs Young Dependency

| Asset Class | old_dep | p | youth_dep | p | N | R² |
|---|---|---|---|---|---|---|
| Safe rate (10y) | -5.698*** | 0.000 | 5.808*** | 0.004 | 803 | 0.139 |
| Safe rate (3m) | -4.804*** | 0.003 | 6.160*** | 0.001 | 813 | 0.106 |
| Term spread | -0.802 | 0.593 | -3.210* | 0.079 | 781 | 0.119 |
| REER (log) | -0.871 | 0.395 | 0.546 | 0.488 | 1572 | 0.022 |
| REER (Δ%) | -0.219 | 0.686 | -0.588 | 0.122 | 1540 | 0.024 |
| House prices (Δ%) | 1.116** | 0.032 | 0.421 | 0.340 | 1499 | 0.004 |
| Stock mkt cap/GDP | 0.817 | 0.592 | -0.549 | 0.504 | 779 | 0.168 |
| Portfolio equity/GDP | 1.681* | 0.053 | -0.362 | 0.191 | 5435 | 0.023 |
| Carry vs USA | -4.217*** | 0.000 | 3.139*** | 0.009 | 813 | 0.475 |